Consumer Products

GE invests in new topload washer, as it awaits word on sale of appliance division to Electrolux

General Electric Co.
GE, +2.75%
may not be so confident that the $3.3 billion deal to sell its appliance business to Sweden's Electrolux AB
ELUXY, +0.06%
will be completed, as the company announced a more-than $100 million investment to launch a new topload washing machine. The new investment is also a sign of confidence in topload washers, despite the recent growth of frontload washer models. Electrolux said last month, that it was confident the deal to buy GE's appliance business announced in September 2014 will be completed this year, despite the fact that the U.S. Justice Department filed suit to block the deal over antitrust concerns. GE investment in the new washer design includes the expansion of the manufacturing capabilities at its laundry plant in Louisville. "While frontload washers have surged in popularity the last decade, the traditional topload washer is 75 percent of washer sales and remains the most popular style of washer in the U.S. today," said Peter Pepe, general manager of clothes care at GE Appliances. The stock slipped 0.5% in morning trade. It has gained 3.2% year to date, while the Dow Jones Industrial Average
DJIA, -0.33%
has slipped 1.6%.

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